Chinese group Fosun expands healthcare business in Portugal

23 January 2018

Luz Saúde agreed to buy 70% interest of Capital Criativo Health Care Investments II, which owns 100% of the Idealmed Group, which owns the Coimbra Hospital Unit, along with four clinics in central and northern Portugal, the company said in a market filing.

The statement issued by the Portuguese Securities Market Commission (CMVM) gave no details of the value of the deal but said it still needed Competition Authority approval.

“CCHC2 holds the entire capital of Idealmed III, Serviços de Saúde, Imacentro – Clínica de Imagiologia Médica do Centro and Idealmed Ponte Galante, which, respectively, own Idealmed UHC – Unidade Hospitalar de Coimbra and four clinics dedicated to outpatient care in the centre of Coimbra, Figueira da Foz, Pombal, and Cantanhede,” it added.

The deal will mean that Luz Saúde, which already holds a minority position in CCHC2’s capital (10%) and voting rights, will take a controlling position in the company, and “Capital Criativo will keep a 20% stake in CCHC2, through which it will continue to monitor the development of the Idealmed Group’s business plan.”

“Idealmed UHC – Unidade Hospitalar de Coimbra, inaugurated in 2012, is the largest private hospital in central Portugal, with five operating theatres, two delivery rooms, 71 consultation rooms and 66 beds,” said Luz Saúde in the same statement.

Luz Saúde is 96.067% owned by insurance company Fidelidade, in turn, owned by Chinese group Fosun International, following the acquisition of an 80% stake in Caixa Seguros, the entity that controlled the insurance business of the Portuguese state financial group Caixa Geral de Depósitos (CGD).

In July 2017 Luz Saúde was authorised by the Portuguese Competition Authority to purchase the entire capital stock of British Hospital – Lisbon XXI and Microcular – Centro Microcirurgia Ocular, Laser e Diagnóstico and 90.41% of the share capital and rights of British Hospital Management Care.

These three companies, respectively, own British Hospital Torres de Lisboa, the British Hospital Saldanha Microcular and British Hospital Management Care, and the purchase and sale agreement was signed with Capital Criativo and announced on 31 May 2017. (macauhub)